Cowen to Offer Crypto Custody Services Through $25M Stake in PolySign

Investment bank Cowen Inc. said itâs going to offer crypto custody services to hedge funds and asset managers.

The New York-based firm is to provide custody services for cryptocurrencies and other digital assets in partnership with Standard Custody & Trust, a unit of digital asset infrastructure firm PolySign, according to an announcement Thursday.
As part of the agreement, Cowen took a $25 million stake in PolySign as part of the latter's $53 million Series B funding round that Cowen led.
Cowen was joined in this funding round by London-based crypto wallet provider and exchange Blockchain.com and others.
As part of Cowen's investment, Dan Charney, Cowen co-president, and John Holmes, Cowen COO, will join PolySignâs board
Standard Custody & Trust provides PolySign's custody services by virtue of the trust charter granted by the New York Department of Financial Services (NYDFS) earlier this month.
PolySign's leadership team includes CEO Jack McDonald and President and founder Arthur Britto who previously co-founded Ripple.
Cowen was founded in 1918 and holds nearly $12 billion in assets under management (AUM).

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